Consumer Spending Hits Record Low in October
Well, sorry to report all the doom and gloom, but it seems to be the only news to report lately in the economic and financial sector! Don’t fear though, things will bounce back – they always do, no matter how hard and bad they get, they will be sunny and bright again, it’s just hard for people to imagine that right now because of all the negative news and sentiment that follows. At an rate, the silver lining around this bit of news about consumer spending hitting a thirty year low for October of 2008, is that maybe Americans are finally learning to save their money when they need to.
It may mean that this is a turning point for American consumers, that they will no longer so easily or without a lot of thought spend money that they don’t have or constantly live above and beyond their means, only to pay for those sins later when they have gotten themselves in too deep and need to be bailed out – kind of like the current predicament that mortgage lenders and the big three auto companies have themselves in.
Apparently October was a very bad month for retailers, and the numbers just now coming in for the month are pretty dismal, showing a much lower increase in spending (yes, every year there is an increase, but that’s because that signifies economic growth, and that’s supposed to happen), this time there was very little growth, which only coincides with the point that we currently find ourselves in a prolonged recessionary period.
Spending reports from retailers are showing that their sales are way down over historical figures this time of year, even with great sales and incentives being offered. Speaking of another silver lining, the deals I’m seeing and the coupons I’m getting in the mail from virtually every store that I spend money in are unprecedented.
I’d have to say that if I weren’t in the same “broke” boat as everyone else and the watching my money boat, I might be snapping up some exceptional bargains myself! I’m thinking that I may at least take them up on a few, but they will be for Christmas gifts, probably nothing for myself since I’m on “me” spending lockdown mode at the moment.
